Contemporary Duplex with
For Sale
$624,950
916 2nd St, Cheney, WA 99004
Residential Income, Cheney, WA
Property Size3,065 SF
Lot Size0.14 Acres
Price / SF$203.90
Days on Market136
Property Features for 916 2nd St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 5, Bathroom 1, Bathroom 2, Bedroom 6, Laundry Room, Utility Room, Bedroom 4, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 2
Parking
4
Parking features
Oversize, Open, Offsite
Window features
Vinyl Frames
Patio and Porch features
Patio
Interior features
High Speed Internet
Basement
Crawl Space
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave, Washer, Dryer
Lot features
Sprinkler - Automatic, Level, Surveyed
Elementary school
Betz
Middle school
Cheney
High school
Cheney
Elementary school district
Cheney
Directions
GPS is accurate
Standard status
Active
APN
13131.3212
Size
3,065 SF
Lot size
0.14 Acres
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
2024
Floors in Building
2
Number of units
2
Building materials
Fiber Cement
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Keller Williams Realty Coeur d
(208) 667-2399
Listed By:
Seth Maefsky · License #25177
(208) 651-9700
Added: Apr 29
Changed: Sep 8
Last Checked: Sep 11 at 3:06AM
MLS# 202616302
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2024, this contemporary duplex contains two residences within 3,065 square feet. Each side offers three bedrooms, 2.5 baths, a primary suite with an en suite bath and walk-in closet, and a kitchen equipped with quartz counters, custom cabinetry, and stainless steel appliances. Natural gas forced-air heat and central air serve both units, while fiber-cement construction and composition roofing provide the exterior envelope. Each residence also includes a two-car garage and patio space.
The property occupies 0.1377 acres at 916 2nd St in Cheney, Washington. Both units are occupied under long-term leases. Eastern Washington University, shopping, and restaurants are located nearby, with shopping and dining a few blocks away.
The property occupies 0.1377 acres at 916 2nd St in Cheney, Washington. Both units are occupied under long-term leases. Eastern Washington University, shopping, and restaurants are located nearby, with shopping and dining a few blocks away.
Key Highlights
- Two‑unit duplex with 3,065 square feet, completed in 2024
- Each residence has 3 bedrooms, 2.5 baths, and a 2‑car garage
- Both units are occupied under long‑term leases
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,019
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$680,380
$680.4K
Cap Rate 7%
$485,986
$486.0K
Cap Rate 9%
$377,989
$378.0K
Market Conditions
NOI Build-Up for 3,065 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.6K $17.16/SF
− Vacancy
−$4.0K −$1.30/SF
EGI
$48.6K $15.86/SF
− OpEx
−$14.6K −$4.76/SF
NOI
$34.0K $11.10/SF
Area
Spokane County, WA
Vacancy
7.60%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$680,380
Cap Rate 7%
$485,986
Cap Rate 9%
$377,989
Alternative Uses
Best Use
Multifamily LT 5
$486.0K
$425.2K – $567.0K
NOI $34,019 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$446.7K
$390.8K – $521.1K
NOI $31,266 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$708.2K
$619.7K – $826.3K
NOI $49,576 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
Explore this area
Business Placement
Demographics for 99004, WA
23,064
Population
8,992
Households
2.6
Avg Household Size
29
Median Age
36%
College-Educated
93%
High-School Grad
334.3 sq mi
ZIP Area
69
Density / Sq Mi
$62,014
Median Household Income
$29,835
Median Earnings
$1,081
Median Rent
$368,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences provide three bedrooms, 2.5 baths, and dedicated two-car garages on each side.
Where is this duplex located?
The property is located at 916 2nd St Cheney, WA.
What is the asking price?
The asking price for this property is $624,950.
What are key features of this property?
This property features: Two‑unit duplex with 3,065 square feet, completed in 2024; Each residence has 3 bedrooms, 2.5 baths, and a 2‑car garage; Both units are occupied under long‑term leases
